Funding Round attributes
Moment Energy, a Vancouver-based company specializing in repurposing electric vehicle (EV) batteries, has successfully secured a US$15 million Series A funding round.
The investment was co-led by the Amazon Climate Pledge Fund and Voyager Ventures, with additional participation from In-Q-Tel (IQT), Version One Ventures, Overture Ventures, WovenEarth Ventures, Fika Ventures, MCJ, One Small Planet, and Climate Capital.
Established in early 2020, Moment Energy focuses on creating reliable battery energy storage systems (BESS) by repurposing retired EV batteries. The company collaborates with major automotive manufacturers, including Mercedes Benz Energy, to support circular economy goals and ensure that batteries are utilized in second-life applications before recycling. Their BESS solutions are designed to serve commercial and industrial sectors, EV charging infrastructure, and renewable energy integration.
The newly acquired funds are earmarked for the construction of the world's first gigafactory dedicated to repurposing EV batteries in the United States. This project, which received a US$20.3 million award from the U.S. Department of Energy in October 2024, is anticipated to create over 250 skilled jobs in clean technology and renewable energy sectors. Additionally, it aims to bolster North America's lithium security to meet the increasing demand for commercial and industrial energy storage and EV charging infrastructure.
Moment Energy's BESS can be deployed in projects ranging from 400 kilowatt-hours (kWh) to 10 megawatt-hours (MWh), targeting an intermediate market segment that is currently underserved but crucial to the clean energy transition. The company is strategically positioned to capitalize on the convergence of rising EVs and renewable energy sources.
Edward Chiang, CEO of Moment Energy, stated, "This funding marks a pivotal milestone for Moment Energy, enabling us to further advance our operations and lead the charge in transforming retired EV batteries into valuable battery energy storage systems." He emphasized that by providing a new path for second-life batteries, the company aims to enhance grid stability, increase lithium security in North America, and support renewable energy integration
